Sampo reports a good result despite capital market uncertaintyPress release - 02/09/2012 at 09:40 AM
Sampo Group's profit before taxes for 2011 amounted to EUR 1,228 million compared with EUR 1,320 million a year earlier. Total comprehensive income for the period, taking changes in the market value of assets into account, decreased to EUR 686 million from EUR 1,807 million.
The Board proposes to the Annual General Meeting a dividend of EUR 1.20 per share (1.15) and an authorization to repurchase a maximum of 50 million Sampo A shares.
Sampo's earnings per share for 2011 were EUR 1.85 (1.97). Return on equity for the Group decreased to 7.7 per cent (21.8). Sampo Group's net asset value per share on 31 December 2011 was EUR 14.05 (17.79).
Profit before taxes in the P&C insurance segment amounted to EUR 636 million (707), the decrease being mainly explained by financial markets uncertainty during year 2011. Combined ratio improved to 92.0 per cent (92.8) despite difficult weather conditions during the year. Sampo's share of Nordea's net profit in 2011 rose to EUR 534 million (523). Life insurance segment's profit before taxes remained stable at EUR 137 million (142) despite the challenging investment markets.
Sampo Group's business areas are expected to report good operating results for 2012. However, the mark-to-market results are, particularly in life insurance, highly dependent on capital market developments.
- Overall, for the year 2012, we see Sampo well-positioned and there is no reason why it would not continue reaching the long-term target of a combined ratio of under 95 per cent, Kari Stadigh, Group CEO and President, says.
Please find Sampo Group's Financial Statements Release for 2011 as well as a video with Group CEO Kari Stadigh and Head of P&C insurance Torbjörn Magnusson at www.sampo.com/result. Supplementary Financial Information is also available at the same address.
Sampo will arrange a Finnish-language press conference (Savoy, Eteläesplanadi 14, Helsinki), at 2 pm Finnish time. An English-language telephone conference will be arranged at 4 pm Finnish time (2 pm UK time). Please call +44 207 162 0025 (Europe) or +1 334 323 6201 (North America). Please be ready to state the conference ID '910679' and the conference title 'Sampo plc 2011/Q4 Release'. The telephone conference can also be followed from a direct transmission on the Internet at www.sampo.com/result.
For more information, please contact:
Maria Silander, Press Officer, tel. +358 10 516 0031
The principal media